Posted by james CA on June 08, 2005 at 02:59:49:
You are probably right. The hot market might be only good for flipping properties privided you get in at the early stage and know when to get in and out quick.
I am in CA and it is pretty much similiar.
How Long Will Prices Go Up? - Posted by Nimesh Patel
Posted by Nimesh Patel on June 07, 2005 at 10:09:41:
Hi everyone:
I live in the North Side of Chicago. In my neighborhood, real estate prices just don’t make any rational sense. For example, a three unit investment property sells for 650K to 850K and the rents collected after all of the expenses (i.e. mortgage, property tax, etc…) just won’t cover and thus you go into negative cash flow. What is going on? Why are so many people purchasing interest only loans? Experienced investors please share your thoughts with me. Thanks for your hel.
Re: How Long Will Prices Go Up? - Posted by Nimesh Patel
Posted by Nimesh Patel on June 07, 2005 at 10:26:40:
Oh, I forgot to add one more thought. I am thinking about purchasing property in Chicago but the values just don’t make any rational sense to me. But at the same time, prices keep going up and my only concern is that we are in a bubble (when values double in the last 4 years and keep going up one has to wonder what is going on). Thanks for the input everyone.
Re: How Long Will Prices Go Up? - Posted by Mark (SDCA)
Posted by Mark (SDCA) on June 08, 2005 at 12:05:17:
What James said. It’s like musical chairs. You just don’t want to be the one standing (holding the property) when the music stops. I’m not buying anything now that I plan to hold for longer than a couple of months. A time to buy will come. I just don’t think it’s now.
As for how long will prices go up? No one knows. If they did, they would be a trillionaire. I don’t see any of those.